Electrical Equipment Manufacturing in Canada - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Short circuit: Industry revenue growth is expected to slightly oscillate moving forward

Revenue for the Electrical Equipment Manufacturing industry in Canada is expected to fluctuate, falling at an estimated CAGR of 2.2% to $5.5 billion over the five years to 2023, including a 2.5% dip in 2023 alone. The current period has demonstrated moderate revenue volatility, including revenue falling an estimated 7.8% in 2020 as a result of the economic dislocation caused by COVID-19; however, the industry rebounded, with revenue increasing an estimated 1.4% in 2022 alone as the pandemic began to recede. Electric equipment manufacturers in Canada rely on demand from downstream industries in the construction and manufacturing sectors. However, domestic demand has consistently been threatened by growing import penetration. Countries like Mexico and China can produce similar products at a much lower cost which, in turn, lowers the price for end users. Bereft of domestic demand, these manufacturers have pursued expansion abroad. Although a weak Canadian dollar during most of the period has enticed foreign buyers to purchase from industry manufacturers, rising import penetration contributed to a drop in revenue during the same timeframe.

The Electrical Equipment Manufacturing industry in Canada manufactures power, distribution and specialty transformers; electric motors, generators and motor-generator sets; switchgear and switchboard apparatus; relays; and industrial controls. Electrical equipment manufacturers distribute their products to other manufacturing industries, wholesalers and the construction industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.